Global lithium production set to double in five years
September 20th, 2018
A new report from GlobalData predicts that electric vehicle (EV) demand will double global lithium production from 26,700 tonnes (t) in 2018 to 58,300t in 2022.
China is expected to lead this demand for EVs, accounting for more than 50 per cent of the 1.1 million new EV sales globally in 2017, with the US in second place at just over 17 per cent. China also boasts an anticipated growth three times that of the US from 2018–2022.
China, also the world’s largest car market generally, is planning to eventually phase out sale and production of fossil fuel-powered vehicles.
EVs are also in high demand across parts of Europe, with countries such as France, Norway, Ireland, and the UK following China’s lead by investing in plans of their own to eliminate fossil-fuel powered vehicles.
“Several national governments are encouraging the adaption of EVs by providing various tax incentives and subsidies to the manufacturers and end users,” said GlobalData senior mining analyst Vinneth Bajaja.
“Additionally, efforts to reduce greenhouse gas emissions have led to much technological advancement in EVs and made them a viable and safe alternative to traditional vehicles.” Read more…